Customer Review

18 of 19 people found the following review helpful
1.0 out of 5 stars Terrible. Save your money., September 6, 2012
This review is from: Early Exits: Exit Strategies for Entrepreneurs and Angel Investors (But Maybe Not Venture Capitalists) (Paperback)
I don't usually write reviews, but this book deserves a really negative one. As an entrepreneur targeting an early exit I thought this book would be highly relevant. It's not. This book is really an homage to the great Basil Peters written by none other than Basil Peters. For the first 80 or so pages he repeats the same three points over and over. First is that companies should target early exits (he defines as exits less than $30MM). Second is that there's a big difference between VCs and Angels. Third is that web 2.0 and the internet have really changed things for startups. Wow. How insightful! The first "insight" is a decision a company has to make, not a doctrine. Why he defines early exits as companies that exit for $30MM or less is beyond me. There are tons of early exits that go for way more than $30MM. The second point is true. But his explanation and writing is pathetic on the matter. There are plenty of other books/sources that describe these differences in a much much more meaningful way. The third point is just ridiculous. You don't need a book to tell you that. Let alone a $24 book.

I was hoping for a book that would give solid advice on how to best achieve an early exit. When to start talking to BD guys at big firms, what to show them versus what not to show them, negotiation tactics for exits, the terms of an exit (eg a detailed LOI), etc etc. Instead this book just repeats the same anecdotes - incidentally the authors own stories - without any details whatsoever. The author has no data to back up half of what he claims or says and provides zero insight.

Here's a great example of what you'll get if you buy this book (from page 89 in the paper back version).

"7.5 Corporate DNA

Companies certainly have cultures. Companies also sem to have DNA. Corporate DNA, like all other DNA, determines the characteristics and success of the organism to a large extent." The author provides 3 additional paragraphs and explains that investors also have DNA! And when the two strands of DNA meet, they combine! Since this is such a novel insight the author is kind enough to provide a diagram of two strands of DNA combining into one strand! Simply pathetic.

Another classic is his appendix which sites four companies that he effectively ushered into success with his guru magic. Like the rest of the book these "case studies" are scant. The best example though is a company that he sites, which was making $3M a year. They had an exit opportunity. It was crappy. He came in and saved the day! They got bought out for...$3.2M. 1x revenue purchase price and he's jumping for joy and providing multiple testimonials from founders on how awesome he is. What a joke.
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Showing 1-2 of 2 posts in this discussion
Initial post: Apr 2, 2013 3:49:40 PM PDT
Last edited by the author on Apr 2, 2013 3:50:59 PM PDT
Truth Teller says:
I can attest to this review. The book is first and foremost about the thing Basil Peters talks about the most - the Basil Peters brand. Especially at the conclusion of the book where it overflows with Basil Peters testimonials. Honestly it reads like an advertorial.

Moreover BP pushes his own invention: The Exit Coach. He argues that when you are the CEO you are so busy running the company BP wants you to call him so that he can close the exit deal for you. Seriously?! I'm working an exit for my company and I'm going to put somebody between me and the buyer? At best this is dodgy advice. As an Exit Coach he will be happy to take a handsome cut and argue that he is taking only half of the incremental value that he created.

Finally, not explicit in the book but follow up on YouTube about BP and you can read between the lines. He positions himself as an Angle Investor and then speaks to them, about them, and to others about his 'brethren'. BP doesn't invest in anything except the BP brand. He has identified a target market and is marketing BP to them and has made a business out of it. People who are Angels manage their investments not do speaking engagements and write books on exits.

Posted on Oct 31, 2014 11:40:32 AM PDT
David Fox says:
@Doov, did you find a book or other resource that you could recommend?
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